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Boat Insurance Quotes And Coverage Options
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Because there is no such thing as a standard boat insurance policy, we have selected insurers that offer comprehensive coverage options available for different types of boats.
Popular discounts can be found at most boat insurance companies, including multi-policy savings, age, driver experience, and a boat safety course. We preferred companies with a wide range of discounts.
We have selected insurers with excellent financial strength to ensure their ability to meet their insurance obligations.
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We receive remuneration from these partners, which affects the order in which they appear on the site. That said, the analysis and opinions on our site are our own and we believe in editorial integrity.
BoatUS insurance options include agreed value, intrinsic cash value, and liability only policy. They cover onboard injuries up to $10,000 per person, civil liability costs up to $500,000, fuel spill and towing cost up to $1,000 for NOAA named storms.
But what BoatUS really offers is a wide sailing area. Their policies include protecting the inland and coastal waters of the United States and Canada. In addition, adventurous boat owners looking to explore other waters can add extended services to Alaska, Bahamas, Mexico and the Caribbean.
Best for Yachts Chubb is a leading yacht insurer and one of the largest listed property and casualty insurers in the world, with offices in 54 countries. They provide all-risk protection for yachts from 36 to 70 feet. Chubb.com screenshot, June 2020
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Their yacht policy offers up to 120% replacement coverage, protection against fines and penalties related to marine damage, trailer coverage and up to $5,000 for chartering a temporary replacement vessel. Yacht owners can also include unique perks such as marina insurance as additional insurance and liability for any hired crew member on board your yacht if they fall under the jurisdiction of the Port and Harbor Workers’ Compensation Act (LHWCA).
The National Boat Owners Association is a nationwide insurance company offering boat owners access to a membership club program and insurance options from top-rated marine insurers.
NBOA coverage options include liability with limits from $100,000 and up, agreed value, pollution liability, and with select insurers, total loss compensation. Customers can also choose from inland lakes and rivers to the coastal waters of the United States, or extend coverage to other areas such as the Bahamas.
Anyone can take out an insurance policy, whether or not they are a member of the NBOA. However, boat owners who enroll in either of the two membership programs enjoy additional benefits. Among them, unlimited water towing, trailer roadside assistance and discounts on boat safety equipment, marine retailers, marinas and car rentals from domestic companies.
Boat And Watercraft Insurance Coverage
Skisafe offers the boating community a customizable boat insurance policy for different types of personal watercraft, boats and yachts.
As they are solely boat insurers, the policies are tailored to the needs of each boat owner. Their insurance options include all-risk insurance for boats and trailers, liability insurance with towing, roadside assistance, medical payments up to $25,000, and liability for water sports.
While Progressive is well known for its car insurance products, it also offers comprehensive boat insurance for a variety of boat types – fishing boats, pontoon boats, powerboats, jet skis and sailboats.
Their Collision and Comprehensive Coverage covers the full cost of replacement, meaning that in the event of an accident, they will cover the cost of restoring your boat to its previous or better condition. They also provide coverage for personal injury, property damage, fuel spillage, wreck removal, roadside assistance, and other optional services such as water towing, fishing tackle replacement, and medical payments. Additionally, boat owners are covered in every lake and river in the United States and ocean waters within 75 miles of the coast.
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Progressive provides popular saving options – discounts on multi-policy courses, multi-boat courses and safety courses. There is also a discount for United States Coast Guard Auxiliary (USCG), United States Power Squadron, and United Services Automobile Association (USAA) members. Boat owners who stay with Progressive can enjoy attractive rewards such as a 25% reduction in their excess each time they renew without making a claim.
Markel’s insured operator age discount may be of interest to you if you are a boat owner over 40. Typically, most companies apply this discount if you are 55 or older, but Markel sets it for boat owners who are 40 or older.
Markel has over 30 years of experience in offering marine insurance. They provide protection for boats up to 26 feet, jet skis, yachts, powerboats (over 65 mph) and commercial boats, i.e. rentals, sailing schools or charters. In addition, their fishing boat policy covers the cost of replacing fishing equipment and refunding the tournament fee if you are unable to assist due to an accident or covered event.
Sometimes companies overwhelm customers with tons of general boat insurance information instead of describing their products. Formost is no different. Customers can easily navigate their website and find relevant descriptions of their boat insurance packages without being redirected to other windows or tabs.
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Foremost offers three insurance packages for most types of boats and customized insurance for inflatables, classic boats and powerboats. Their basic, most affordable package includes real cash value for loss settlement, while their mid-range and best packages include agreed-upon value. Their launch also adds compelling features such as navigation to Mexico and the Bahamas, pet insurance and pollution liability costs.
Hagerty has over 30 years of experience providing protection for boat owners who enjoy vintage boats and the satisfaction of restoring their own classic boats. They cover a wide range of classic boat types, including fiberglass boats, wooden boats, cruising boats, cruisers and sailboats.
This company offers boat collectors an agreed upon total loss coverage and boat rebuild insurance in the event of fire, theft, vandalism or other losses during restoration, whether it is you or a professional facility. In addition, boat owners can sail their boats without worrying about range as long as it is within the territorial waters of the United States and Canada and within 12 miles of shore.
Hagerty also offers discounts to sailing club members. Some of their maritime partners include The Antique and Classic Boat Society, Lyman Boat Owners Association and Century Boat Club.
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Buying boat insurance is somewhat similar to car insurance, with one major difference: they are not standardized. Firstly, because boat insurance is not required in all states except three states – Arkansas, Utah and Hawaii – where boat owners are required to have some form of liability insurance, and secondly because of the boats themselves. While cars tend to have similar purposes and designs and vary only slightly in size, boats have many uses and come in a wide variety of sizes and styles. In addition, boat owners face many hazards in the water that car owners do not encounter on the road. This means there is no suggested minimum coverage requirement and companies consider various factors to determine the cost of the policy and the risk of boat owners.
The first thing you should consider when choosing boat insurance is whether you want an actual cash value or an agreed value policy. This is what determines the amount you will receive if you cover your loss.
With real cash value, the amount to be reimbursed will be based on the value of the boat at the time of the accident and takes into account the depreciation of the parts over time.
However, the fixed value will cover repairs up to the amount agreed with the insurer at the time of signing the contract. This is usually a type of damage insurance